Uttar Pradesh approves a startup policy to set up 100 incubators in the state. The policy waives 100 percent stamp duty for enterprises in Zones-1 and 2 and 75 percent of the stamp duty in Zone-3. Read on to know the highlights of the policy. Currently, the Karnataka Industrial Areas Development Board quotes a maximum of Rs 2.9 crore per acre at the Haralur-Muddenahalli industrial area in … Annexure 2 Terms & Conditions for extending Incentives ... Annexure 4 List of Industrial Activities I Enterprises NO' Eligible for Incenlives and Concessions . Dezan Shira & Associates´ brochure offers a comprehensive overview of the services provided by the firm. The Bengaluru-Mumbai Economic Corridor and Chennai-Bengaluru Industrial Corridor pass through Karnataka. Bengaluru (Karnataka) [India], July 23 (ANI): The Karnataka State Cabinet on Thursday approved the new Industrial Policy for 2020-2025. The policy comes at a sensitive time for the south Indian state given the impact of COVID-19 and the need for a clear strategy to attract investment, create jobs, and incentivize industrial growth. These cookies will be stored in your browser only with your consent. Aequs is Karnataka's first third-party IT SEZ outside Bengaluru. This category only includes cookies that ensures basic functionalities and security features of the website. Late last week, on July 23, the state cabinet of the Karnataka government approved the New Industrial Policy for 2020-25. These cookies do not store any personal information. The subsidy will be based on 10 percent of their turnover each year for five years and will be limited to 20 – 30 percent of the value of their fixed assets (VFA) based on the zone. Karnataka is a state in Southern India. The policy focuses on export promotion, renewable energy projects and is focused on providing support to enterprises that adopt energy efficiency measures. Sections 64 and 65 have been amended to extend overtime hours to a total of 125 hours per quarter. In August, Karnataka announced New Industrial Policy (NIP) 2020-25 which has a provision to incentivise mobile manufacturing. Minister for Large and Medium-scale Industries Jagadish Shettar on Tuesday said that the new industrial policy will be finalised soon and the cabinet will also give its approval. Students With OCI Cards Are Eligible For State Quota Seats In Karnataka, Kathamala – Stories To Kindle Interest In Indian Culture, Varanga – A Picturesque Stop on the Jain Pilgrim Trail, Donating Eyes In Karnataka Through Jeevasarthakathe – Everything You Must Know. Let us take a look at the salient features of Karnataka Industrial Policy for 2014-2019. It also aims to generate employment opportunities for 20 lakh people. The State government is in the process of notifying a new industrial policy and will also release a special relief package for MSMEs, said Minister for … The New Industrial Policy 2020-25 outlines investment promotion subsidies for enterprises according to their scale of production, turnover, and whether they are operated by persons belonging to special categories. This is aimed at developing industrially backwards areas. The government has proposed a number of subsidies and incentives to promote entrepreneurs belonging to the women and special categories. Industries minister Jagadish Shettar (File photo) BENGALURU: The Karnataka government is all set to roll out a new industrial policy (2020-2025) with an ambitious plan to attract Rs 5 lakh crore investments over the next five years and maintain 10% yearon-year growth. While Karnataka saw its proposals shoot up 154% in the first 10 months of 2020 over the comparable period last year, the national numbers witnessed a 11.9% drop during the same period. Karnataka’s new industrial policy incentivises high-tech investments, boosts local jobs creation, and seeks to move industrial and technology hubs beyond the state capital, Bengaluru (formerly, Bangalore). The policy and package of incentives and concessions will come into effect from 13 th August 2020 and will be valid for 5 years or until a new policy is announced. (More in the section below.). […], Donating eyes in Karnataka can help correct vision […]. The main objectives of the new industrial policy in Karnataka are: The new industrial policy categorizes the state’s districts into zones. The new Karnataka Industrial Policy envisions emerging as a “global leader in advanced manufacturing, research and development, and innovation and to create an ecosystem for an inclusive, balanced and sustainable development of the State.”. The policy was issued by a notification dated 13 th August 2020. In January 2017, Karnataka Department of Commerce and Industries introduced an NRI policy to attract investments from non-resident Kannadigas. Bengaluru (Karnataka) [India], July 23 (ANI): The Karnataka State Cabinet on Thursday approved the new Industrial Policy for 2020-2025. The Karnataka State Cabinet on 23 July 2020 approved the New Industrial Policy for 2020-2025 that aims to attract Rs five lakh crore worth investments over the next five years, and create about two million jobs to help mitigate the economic impact of the Covid-19 crisis. Out of these, the cookies that are categorized as necessary are stored on your browser as they are essential for the working of basic functionalities of the website. Promote Karnataka as a hub for entrepreneurs: The State Government wants to promote Karnataka as a hub for entrepreneurs. Previous Article « India Discusses Preferential Trade Agreement with Southern African Customs Union, Next Article How India’s Economy is Recovering from COVID-19: A Snapshot View ». In August, Karnataka announced New Industrial Policy (NIP) 2020-25. Andhra Pradesh unveils its new industrial policy. In Zone-2, it is 55 percent VFA for 2.5 percent turnover for six years and 45 percent VFA for large enterprises in Zone-3 showing a 2.5 percent turnover rate. The policy looks beyond Bengaluru with an aim to promote Tier-2 and -3 cities as engines of economic growth. The State Government on Thursday unveiled the new Industrial Policy 2020-25 aimed to ensure holistic development of the state. MSMEs will also be offered a 100 percent exemption from tax on power tariffs for a period of seven years in Zone-1, six years in Zone-2, and five years in Zone-3. The state is home to the Pavagada Solar Park, which has an installed capacity of 2,000 MW, the largest in the country, of which 1,400 MW is operational. Special focus on MSME: There is special focus on the micro, small and medium (MSME) sector to strengthen it in the state. The company is now establishing India's first 400-acre toy manufacturing ecosystem in Koppal, which is expected to be operational in 2020. India’s economy is showing signs of recovery after witnessing major COVID-19 led business disruptions. and grow their operations. For more information and advice on choosing the right location for your business in India, please email us at india@dezshira.com. The Karnataka cabinet on Thursday approved a new industrial policy for 2020-2025 in which it said it aimed to ensure that 70% overall employment in all fresh investments go to local Kannadigas. including the most recent legal, tax and accounting changes that affect your business. Rajasthan Rajasthan Industrial Development Policy The draft version of the policy mandated the minimum direct employment for 100 employees for the initial investment of INR 2.5 billion (US$33.39 million) and additional employment of 20 personnel for every additional investment of INR 500 million (US$6.67 million). Other incentives include – exemption from stamp duty and concessional registration charges; reimbursement of land conversion fee; tax exemption on electricity tariff for MSMEs; and power subsidy for MSMEs. 100% of the employees should be hired locally. For enterprises run by persons belonging to a special category – women, members of the Dalit and Adivasi communities, ex-servicepersons, members from minority communities, and persons with disabilities – there are separate incentives. In January 2017, Karnataka Department of Commerce and Industries introduced an NRI policy to attract investments from non-resident Kannadigas. We'll assume you're ok with this, but you can opt-out if you wish. Micro, Small, and Medium-Sized Enterprises (MSMEs) will be given production turnover-based subsidies to encourage innovation. Policy . REGISTER TODAY. Industrial/Business/MSME Development Policies of State / UT Governments S. No. Each SIR will be categorized as an industrial township and have an area of 100 sq. The first such region or SIR will encompass the Dharwad, Gadag, Haveri, and Belagavi districts of Karnataka. Depending on the zone where they are based, MSMEs can be exempted from stamp duty on land registration. 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